Will Grigg?s Liberty Minute

January 13, 2009

The Wall Street Journal recently published a feature story lamenting the fact that the economic downturn has prompted Americans to reduce their household expenditures radically and save their money, rather than spending it.

That story bore the astounding headline, ?Hard-Hit Families Finally Start Saving, Aggravating Nation?s Economic Woes.? That headline typifies the misinformation our public is being fed.

According to the Journal, ?Usually, frugality is good for individuals and for the economy. Savings serve as a reservoir of capital that can be used to finance investment, which helps raise a nation's standard of living. But in a recession, increased saving -- or its flip side, decreased spending -- can exacerbate the economy's woes."

Actually, both individual and national prosperity can only be built on productivity and genuine savings, rather than profligacy and debt. Our political, media, and academic elites disdain such notions, which helps explain how we found ourselves in our present mess.

Let us take back the liberty wherewith Christ has made us free.